U.S. Senator Bernie Sanders has focused on California’s wealthy tech leaders in his support for the proposed 2026 Billionaire Tax Act. The legislation would impose a one-time five-percent tax on individuals with net worths over $1 billion who are considered residents of California as of January 1, 2026. The tax would be due in 2027.
At a rally held Wednesday evening at The Wiltern Theatre in Los Angeles, Sanders criticized the wealth of California’s billionaires, describing it as “grotesque” and “outrageous.” He singled out Meta founder and CEO Mark Zuckerberg, referencing Zuckerberg’s purchase of 11 homes in Palo Alto over more than a decade as evidence that he can afford to pay what Sanders called his “fair share of taxes.”
The event drew organizers working to collect the approximately 900,000 signatures from registered voters required to place the measure on the November ballot.
Some prominent tech executives have opposed the proposal. Google co-founder Sergey Brin is reportedly leading an effort through a group called Building a Better California to counter the billionaire tax. Brin recently bought a $42 million mansion on the Nevada side of Lake Tahoe and has made an offer of about $50 million for a Miami Beach home, according to reporting by The Real Deal.
Sanders dismissed concerns that wealthy individuals might leave California if the tax passes, calling such warnings “a ‘disgusting’ advertising ploy by those looking to dodge paying their ‘fair share.’” He compared these threats to tactics used by companies that threaten to move overseas if employees unionize.
“Now, whether they do it or not, I don’t know. I think they lie a lot,” Sanders said.
He also referenced criticism faced by New York Mayor Zohran Mamdani, another member of the Democratic Socialists of America (DSA), noting similar predictions that wealthy residents would leave New York if Mamdani won office. “And, by the way, when [Mayor Zohran] Mamdani was running in New York City, that’s what the oligarch says, ‘Oh, [if] Mamdani wins, we’re all fleeing New York,’” Sanders told attendees at The Wiltern. “They didn’t and I doubt that they will flee the great state of California.”
During his remarks at The Wiltern Theatre, Sanders also criticized recent actions by federal Immigration and Customs Enforcement in Minneapolis but did not comment on Los Angeles’ mayoral race. While he previously endorsed Nithya Raman for City Council in 2020—who is supported by DSA—Sanders has not yet endorsed any candidate in L.A.’s current mayoral campaign.
More information is expected regarding how those involved in real estate view California’s proposed Billionaire Tax Act.
